1 What is meant by closed accounting! 2. If the total expense of a company is $105.000 and service revenue is $100.000 What is the net income or loss of the com 3 Which account require closing entries Name it with an example 4 The company has a fixed asset food that is purchased at the start of this year. That asset had cost $120,000 had an estimated life of 10 years and is expected to have $ 40,000 value at the end of the 10 years. Prepare adjusting entries Date Account title and explanation Dr. Cr. 5 What is the operating cycle of a merchandising company? A. Give two examples of assets that would not normally be depreciated? Z How many times in a year are closing entries made? 8 What is meant by accounting ledigers? Given the credit terms 10565? Is this company eligible for discount or not why? if yes calculate the discount in ? June 5 : Sales S 80.000 June 23: Net cash received for June 5 sales